Engineering:Archax

From HandWiki
Archax
TypePrivate
Founded2018; 8 years ago (2018)
FounderGraham Rodford, Andrew Flatt, and Matthew Pollard
Headquarters
London
,
England
Websitearchax.com

Archax, based in London, is the UK's first FCA-regulated digital asset exchange, brokerage, and custodian, and was also the first entry on the FCA's Cryptoasset Register.[1][2][3][4]

History

Archax was founded by Graham Rodford, Andrew Flatt, and Matthew Pollard in London, in April 2018.[5][6][7][8] In August of the same year, the company partnered with Custom House Global Fund Services (now part of Apex) to enhance its anti–money laundering measures to attract City firms to the digital currency market.[9][10]

In August 2020, Archax announced becoming the first FCA-regulated digital securities exchange, broker and custodian in the UK.[11]

According to Bloomberg, Archax had asked the UK Financial Conduct Authority to regulate it.[12][13][14] In October, Archax closed its seed raise with a total funding of $8 million.[15][16][17][18]

In August 2022, Abrdn bought a stake in the digital assets exchange Archax.[19][1][2] In November 2022, Archax completed its Series A funding round, raising $28.5 million.[20]

In June 2023, Archax launched prototypes of digital versions of FTSE100 shares and UK government bonds on the blockchain.[21][22][23]

In February 2024, Archax introduced its Stablecoin Yield Service, enabling stablecoin holders to transform their assets into yield-generating options. The service includes access to regulated Money Market Funds (MMFs), which are offered in both traditional and tokenized formats.[24][25][26]

References

  1. ↑ 1.0 1.1 "Tougher UK crypto regime sparks boom for compliance advisers". https://www.ft.com/content/f8ee45e6-3783-4353-923d-549dc73790dc. 
  2. ↑ 2.0 2.1 "Abrdn buys stake in digital assets exchange Archax" (in en). Reuters. 2022-08-12. https://www.reuters.com/markets/europe/abrdn-buys-stake-digital-assets-exchange-archax-2022-08-12/. 
  3. ↑ Laurent, Lionel (10 December 2021). "Even the Smartest Investors Fall for Crypto FOMO". https://www.bloomberg.com/opinion/articles/2021-12-10/crypto-start-ups-reap-rewards-of-wall-street-s-fomo. 
  4. ↑ Nkwocha, Kizzi (in en). The Book of Money and Finance: Valuable strategies to help you achieve financial freedom. Athena Publishing. https://books.google.com/books?id=yAKUEAAAQBAJ&dq=%22Archax%22&pg=PT28. 
  5. ↑ Goss, Louis (2022-08-13). "Abrdn snaps up stake in London crypto startup Archax" (in en-GB). https://www.cityam.com/abrdn-snaps-up-stake-in-london-crypto-startup-archax/. 
  6. ↑ Basar, Shanny (2021-12-15). "Archax Nears Launch of UK Regulated Digital Asset Exchange" (in en-US). https://www.marketsmedia.com/archax-nears-launch-of-uk-regulated-digital-asset-exchange/. 
  7. ↑ "Abrdn buys stake in digital assets exchange Archax" (in en-CA). 2022-08-12. https://ca.finance.yahoo.com/news/abrdn-buys-stake-digital-assets-085052898.html. 
  8. ↑ Daniel, Alex (21 March 2023). "Archax's crypto believer boss Graham Rodford: 'We enable Abrdn to be more dynamic' on digital assets". https://www.fnlondon.com/articles/arbdn-archax-crypto-digital-assets-stephen-bird-graham-rodford-20230321. 
  9. ↑ Parkin, Darren (2023-10-08). "Crypto firms told they have three months to fall in line with FCA's new marketing rules" (in en-GB). https://www.cityam.com/crypto-firms-told-they-have-three-months-to-fall-in-line-with-fcas-new-marketing-rules/. 
  10. ↑ Bobeldijk, Yolanda (12 August 2018). "London crypto exchange Archax bolsters fraud defences". https://www.fnlondon.com/articles/london-crypto-exchange-archax-moves-to-reduce-fraud-fears-20180816. 
  11. ↑ "Archax launches first regulated digital securities exchange in UK". 2020-08-18. https://www.bestexecution.net/archax-launches-first-regulated-digital-securities-exchange-in-uk/. "Archax has been given the green light from the Financial Conduct Authority to become the first regulated digital securities exchange and custodian in the UK." 
  12. ↑ Marsh, Alastair (9 May 2019). "SocGen Introduces Crypto to a $2 Trillion Market". https://www.bloomberg.com/news/articles/2019-05-09/socgen-introduces-crypto-to-2-trillion-market-for-covered-bonds. 
  13. ↑ "Institutional-grade digital asset exchange Archax secures FCA authorisation" (in en). 2020-08-19. https://www.finextra.com/pressarticle/83751/institutional-grade-digital-asset-exchange-archax-secures-fca-authorisation. 
  14. ↑ Smith, Annabel (19 August 2020). "Archax becomes first FCA regulated UK digital securities exchange - The TRADE". https://www.thetradenews.com/archax-becomes-first-fca-regulated-uk-digital-securities-exchange/. 
  15. ↑ "Digital asset exchange Archax closes $8 million seed round" (in en). 2020-10-15. https://www.qbncapital.com/post/digital-asset-exchange-archax-closes-8-million-seed-round-1. 
  16. ↑ "Archax closes overfunded seed raise – Company Announcement - FT.com". 15 October 2020. https://markets.ft.com/data/announce/detail?dockey=1323-14721498-2VT36EH4AE5598TRKC0081GE0J. 
  17. ↑ "Digital asset exchange Archax closes $8 million seed round" (in en). 2020-10-15. https://www.finextra.com/newsarticle/36759/digital-asset-exchange-archax-closes-8-million-seed-round. 
  18. ↑ Novac, Dragos. "Archax secured funding totalling $8m to date from Alameda Research, Amnis Ventures, Bridgetower Capital et all." (in en). https://nordic9.com/news/archax-secured-funding-totalling-8m-to-date-from-alameda-research-amnis-ventures-bridgetower-capital-news8137431429/. 
  19. ↑ "Abrdn buys stake in digital asset exchange Archax" (in en). 2022-08-12. https://www.finextra.com/newsarticle/40803/abrdn-buys-stake-in-digital-asset-exchange-archax. 
  20. ↑ Bray, Wesley (November 9, 2022). "abrdn leads $28.5 million Series A funding round for Archax - The TRADE". https://www.thetradenews.com/abrdn-leads-28-5-million-series-a-funding-round-for-archax/. 
  21. ↑ Daniel, Alex. "Archax pilots digital FTSE 100 stocks and gilts on blockchain" (in en-GB). https://www.fnlondon.com/articles/archax-tokenisation-ftse-stock-gilt-blockchain-crypto-20230606. 
  22. ↑ "Digital asset exchange tokenises stake in £16bn abrdn money market fund" (in en). 2023-06-08. https://www.investmentweek.co.uk/news/4117523/digital-asset-exchange-tokenises-stake-gbp16bn-abrdn-money-market-fund. 
  23. ↑ Shome, Arnab (2023-07-26). "Archax Launches Institutional Crypto Exchange, Lists 2 Pairs" (in en). https://www.financemagnates.com/cryptocurrency/archax-launches-institutional-crypto-exchange-lists-2-pairs/. 
  24. ↑ Faridi, Omar (February 26, 2024). "Archax, the UK FCA Regulated Digital Asset Exchange, Introduces Stablecoin Yield Service". https://www.crowdfundinsider.com/2024/02/221888-archax-the-uk-fca-regulated-digital-asset-exchange-introduces-stablecoin-yield-service/. 
  25. ↑ Steves, Rick (2024-02-23). "Archax launches Stablecoin Yield Service" (in en). https://financefeeds.com/archax-launches-stablecoin-yield-service/. 
  26. ↑ "Archax Introduces Crypto/ MMF Trading Pairs" (in en). 2023-10-10. https://www.financemagnates.com/cryptocurrency/archax-expands-services-introduces-crypto-money-market-fund-trading-pairs/. 



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